Also, the security of passwordstore depends on how you handle your GPG-key, so if you use something like a Yubikey NEO to store your GPG-key on, you effectively

Also, the security of passwordstore depends on how you handle your GPG-key, so if you use something like a Yubikey NEO to store your GPG-key on, you effectively have two-factor authentication, as mentioned in OP's question.